Ji Sun
Influence of Media Coverage and Sentiment on Seasoned Equity Offerings
Sun, Ji; Zhou, Yi; Wang, Jiaguo George; Guo, Jie Michael
Abstract
This article examines the role of media in seasoned equity offerings (SEOs) price and market reactions on SEO announcements. Using a sample of SEO deals in UK, we find that media coverage is significantly and negatively related to SEO price discounts and market returns around SEO announcements. Moreover, we document that more pessimistic media sentiment predicts larger SEO price discounts and more negative market reactions to SEO announcements. In summary, both media coverage and media sentiment influence investor decisions in SEOs, but through different mechanisms.
Citation
Sun, J., Zhou, Y., Wang, J. G., & Guo, J. M. (2020). Influence of Media Coverage and Sentiment on Seasoned Equity Offerings. Accounting and Finance, 60(S1), 557-585. https://doi.org/10.1111/acfi.12334
Journal Article Type | Article |
---|---|
Acceptance Date | Jan 8, 2018 |
Online Publication Date | Feb 16, 2018 |
Publication Date | Apr 30, 2020 |
Deposit Date | Jan 8, 2018 |
Publicly Available Date | Feb 16, 2020 |
Journal | Accounting and Finance |
Print ISSN | 0810-5391 |
Electronic ISSN | 1467-629X |
Publisher | Wiley |
Peer Reviewed | Peer Reviewed |
Volume | 60 |
Issue | S1 |
Pages | 557-585 |
DOI | https://doi.org/10.1111/acfi.12334 |
Public URL | https://durham-repository.worktribe.com/output/1341354 |
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Copyright Statement
This is the accepted version of the following article: Sun, Ji, Zhou, Yi, Wang, Jiaguo George & Guo, Jie Michael (2020). Influence of Media Coverage and Sentiment on Seasoned Equity Offerings. Accounting and Finance 60(S1): 557-585 which has been published in final form at https://doi.org/10.1111/acfi.12334. This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.
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